That is only HALF true. Bitcoin was centrally planned, yes, but it is NOT centrally controlled. Let me explain the difference which is HUGE. Someone (or some people) had the idea for Bitcoin. All we know is some person going by the name Satoshi Nakamoto is supposedly that person. What Nakamoto did is explain the system of how the currency could work in a decentralized way and have value. That's the EXTENT of his power. He CAN'T do ANYTHING ELSE, like give the coins value, change how many there are, or even stop the Bitcoin project now. NOBODY can. It's now totally supported by the free market. If the rules governing it change (like how many coins there are) the rest of the network that uses it (for example including me) REJECT the changes as invalid.

Got it? Not even the supposed creator of Bitcoin can change/control it now, let alone any programmers continuing to work on the core network software.

2. Bitcoin’s roll out is a form of a pyramid scheme.

So is the roll out of any money supply, like dollars for instance. In 1920 you could buy a gallon of gas for less than a dollar, or a car for less than a few hundred dollars, or a house for a few thousand dollars. Or gold for less than $100 per ounce. If you held on to these things over the years their value has AUTOMATICALLY increased versus people purchasing them today. People getting dollars earlier got higher value than people getting them later.

The creator and people in at the very beginning of Bitcoin could NOT take the majority of all bitcoins. That's because bitcoins are SET to come into existence in a controlled way over time loosely following a predetermined schedule. You can't mine more of them faster than the schedule, no matter what point you come into Bitcoin at. Also, in the very early stages bitcoins were worth a few pennies per coin. Some people sold them at that rate. And one person famously bought a pizza for about 10,000 bitcoins which at today's prices would be worth about $120,000.

Believe it or not NOW is STILL considered a very EARLY time to get involved with Bitcoin. If you buy them now at $10-12 people could say the same about YOU if and when they reach hundreds to thousands of dollars per coin.

3. Bitcoin generation is non-productive.

Bitcoin mining provides the key function of securing the Bitcoin network. However, the heat generated from CPUs/GPUs on mining rigs have also been used to heat the houses of miners living in cold climates (yes they have that much computing equipment).

4. The method of production of Bitcoins fixed by the central plan of its programmers is vastly skewed distortion in favor of those who have access to high-end computing power.

That's like saying finding gold is vastly skewed in favor of anybody with access to budgeting for lots of the most effecting mining equipment. Anybody can mine bitcoins with computers, just as anybody can go look to mine gold. Yes, the more resources you have to put toward it the more successful you will be.

5. Lastly the issues that potentially go along with Bitcoin:

a) hacking Bitcoin wallets

- you can't hack bitcoin wallets anymore than you can hack a credit card number. If someone leaves their bank info, password, bitcoin wallet, etc. on a computer infected with viruses leaving them vulnerable then that is the same in all cases. There are secure methods (like encryption) for protecting bitcoins against that however.

b) hacking the Bitcoin program

- you obviously don't know what you're talking about here. You need to be an expert in mathematics and cryptography in order to.

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